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Ethan Ilzetzki is an assistant professor of economics at the London School of Economics and a research affiliate at the Centre for Economic Policy Research. He joins the show to discuss exchange rate regimes, anchor currencies, and the new Triffin dilemma. Ethan points out how the U.S. dollar is connected to a staggering 70 percent of global GDP. David and Ethan discuss what the dollar\u2019s dominant role in the global economy means for U.S. monetary policy, both at home and abroad. David\u2019s blog: http://macromarketmusings.blogspot.com/ Ethan Ilzetzki\u2019s LSE profile: http://personal.lse.ac.uk/ilzetzki/index.htm/ David\u2019s Twitter: @DavidBeckworth Ethan Ilzetzki\u2019s Twitter: @ilzetzki Related links: \u201cExchange Arrangements Entering the 21st Century: Which Anchor Will Hold?\u201d by Ethan Ilzetzki (with Carmen Reinhart and Kenneth Rogoff) http://personal.lse.ac.uk/ilzetzki/index.htm/Research/Ilzetzki&Reinhart&Rogoff.pdf \u201cHow Big (Small?) are Fiscal Multipliers?\u201d by Ethan Ilzetzki (with Enrique G. Mendoza and Carlos A. Vegh) http://www.sciencedirect.com/science/article/pii/S030439321200116X